Moody’s cuts Saks’ credit rating

New York City Moody’s Investors Service lowered its long-term credit ratings on Tuesday for Saks, citing the company’s operating losses and the slowdown in the luxury sector.

Moody's cut the company's corporate family rating to "B2" from "B1," and lowered its probability of default rating to "B3" from "B1." Moody's outlook on the ratings is negative.

Moody's said it expects Saks to continue to report losses for the next 12 months, as more consumers cut back on luxury goods.